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Parental Financial Help can backfire - beware
WJC
Posts: 1 Newbie
If your newly qualified , moneywise graduate is seeking employment without much success and as a responsible parent you helped out them out financially then they may have money in the bank. This is bad news as they will not receive job seakers allowance, or it may be reduced considerably.
Your offspring will be rewarded with the full allowance if they end up with nothing in the bank when they graduate.
It does not pay to help them out - keep your money to yourself and make sure they've nothing. If you've saved for their future you'll have wasted your money!
Your offspring will be rewarded with the full allowance if they end up with nothing in the bank when they graduate.
It does not pay to help them out - keep your money to yourself and make sure they've nothing. If you've saved for their future you'll have wasted your money!
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Comments
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lol you what?0
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I assume he's talking about the effect on means tested benefits when the claimant has savings.
I suppose it might be relevant for all those parents who just dump over £6K in their offspring's account; hands up all those who're in this situation!0 -
Oldernotwiser wrote: »I suppose it might be relevant for all those parents who just dump over £6K in their offspring's account; hands up all those who're in this situation!
As parents do!Sealed pot challenge #232. Gold stars from Sue-UU - :staradmin :staradmin £75.29 banked
50p saver #40 £20 banked
Virtual sealed pot #178 £80.250 -
Where did I go wrong? My parents forgot to give me the 6 grand, can i claim it back off them now?0
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How much interest shall I add to my parents debt? :cool:0
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Just coming from the otherside, me and my best friend, who have quite 'well off' families and have had financial help, have done very through it. Although I haven't got a graduate job, my placement year has been with a very good company and I aim to graduate there.
Plus it's helped me learn a lot more about budgeting, savings etc.
Although of course, I know others who are the opposite, get financial help, then spend it all...0 -
Just coming from the otherside, me and my best friend, who have quite 'well off' families and have had financial help, have done very through it. Although I haven't got a graduate job, my placement year has been with a very good company and I aim to graduate there.
Plus it's helped me learn a lot more about budgeting, savings etc.
Although of course, I know others who are the opposite, get financial help, then spend it all...
So how would you feel if you had to claim JSA and were told you couldn't because you have money in the bank?
Do you think your parents would regret giving you the money?0
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